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Wheat

General Comments: Wheat was lower last week on big world supplies and low world prices. HRW futures were the weakest market. The weekly export sales report released last week was not strong and the weaker sales are due to strong competition from Russia, Ukraine, and the EU as those countries look to export a lot of Wheat in the coming period. EU offers were unchanged to help keep US offers from falling. Russian and Ukraine's offers are weaker. Some support came from the bombings in the Red Sea that have interrupted commerce. It is warm in the US and Canada this week. Cooler temperatures are also forecast for next week. Black Sea offers are still plentiful and Russian prices appear to be weakening.
Overnight News: The southern Great Plains should get scattered showers. Temperatures should be near normal. Northern areas should see mostly dry conditions. Temperatures will average near normal. The Canadian Prairies should see mostly dry conditions. Temperatures should average near normal.
Chart Analysis: Trends in Chicago are mixed. Support is at 584, 576, and 568 March, with resistance at 607, 613, and 622 March. Trends in Kansas City are mixed. Support is at 597, 587, and 580 March, with resistance at 634, 641, and 647 March. Trends in Minneapolis are mixed. Support is at 679, 674, and 668 March, and resistance is at 706, 713, and 720 March.
 

Rice

General Comments: Rice closed higher last week and trends remain up on the daily and weekly charts. USDA cut ending stocks estimates for Long Grain and All Rice by 1.0 million tons on increased export demand. No big changes were noted for the world estimates. However, the overseas markets feature less production in Brazil and India and it appears that the lack of offer from these markets is supporting prices here in the US. Warmer and wetter weather is expected this week and next on the Delta and Texas and soil moisture conditions for the next crop should improve.
Overnight News:
Chart Analysis: Trends are up with objectives of 1879, 1913, and 2007 March. Support is at 1856, 1845, and 1829 March and resistance is at 1900, 1912, and 1924 March.
 

Corn And Oats

General Comments: Corn closed a little lower last week and made new lows for the move in response to the WASDE reports with an increase of 10 million bushels in the ending stocks estimates. Oats were a little higher and remained in a trading range. The weather forecasts for Argentina are improving with more showers expected this weekend but coming after a hot and dry period first. On the other hand, more rain is forecast for central and northern Brazil and the Soybeans harvest could be delayed and that could mean less Corn planted area The planting progress reports to date indicate rapid progress so this concern is lessening. Soybean quality could be reduced as well. The market anticipates increased selling from US producers, but many have sold enough, and elevators and processors are reported to be full. Producers are looking for higher prices now as crops are in the bin for the Winter. Ideas of weak demand are keeping prices low. The market feels that there is more than enough Corn for any demand.
Overnight News:
Chart Analysis: Trends in Corn are down with objectives of 414 and 410 March. Support is at 426, 423, and 420 March, and resistance is at 437, 445, and 448 March. Trends in Oats are mixed. Support is at 372, 365, and 361 March, and resistance is at 385, 393, and 402 March.

Soybeans

General Comments: Soybeans was a little lower and Soybean Meal was lower in response to the USDA estimates, but Soybean Oil was higher on strong demand from the bio fuels sector. USDA left Brazil's production estimates very high at 156 million tons and cut US export demand to push US ending stocks above 300 million bushels. The trade reacted and followed through on Friday. Rains are in the forecast after the extreme weather seen over the next week in Argentina. Such rains would be beneficial for reproducing Corn and Soybeans. The precipitation keeps falling in Brazil and is expected to continue through this week. The rains could be detrimental to the quality Soybeans and the planting dates for Winter Corn. Support also came from reports of reduced Brazil production.
Overnight News:
Chart Analysis: Trends in Soybeans are mixed to down with objectives of 1162 and 1136 March. Support is at 1180, 1168, and 1152 March, and resistance is at 1207, 1223, and 1228 March. Trends in Soybean Meal are down with objectives of 335.00 and 312.00 March. Support is at 341.00, 338.00, and 335.00 March, and resistance is at 359.00, 366.00, and 370.00 March. Trends in Soybean Oil are mixed to up with no objectives. Support is at 4620, 4520, a6nd 4490 March, with resistance at 4860, 4920, and 4980 March.

Canola And Palm Oil

General Comments: Palm Oil was higher last week on ideas of weaker production ideas against good demand. It was closed today for a holiday. The fundamentals of average demand against a weaker supply outlook are still around to keep prices supported. Trends are mixed on the daily charts and on the weekly charts. Canola was ha little lower. There are still forecasts for better rains in Argentina after a dry spell ends in a week or so and improving weather in Brazil. Current forecasts call for generally improved growing conditions in Brazil this week. The Canola crop is harvested, and it is in bins, so it will take some price movement to get new farm sales. Trends are trying to turn down on the daily and weekly charts in this market.
Overnight News:
Chart Analysis: Trends in Canola are mixed to down with no objectives. Support is at 578.00, 572.00, and 566.00 March, with resistance at 604.00, 615.00, and 625.00 March. Trends in Palm Oil are mixed. Support is at 3870, 3850, and 3790 April, with resistance at 3950, 3990, and 4050 April.

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